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REmap Investment Needs

IRENA’s REmap : Roadmap for A Renewable Energy Futureshows that doubling the share of renewables in the global energy mix (up to 36%) by 2030 would require on average USD 770 billion of investments per year between 2016 and 2030.

The graph shows the renewable energy investment needs that will result from the full deployment of REmap options by country.

Investment needs for a low-carbon energy system

In the IRENA/IEA joint publicationPerspectives for the energy transition, IRENA shows that while the energy transition towards decarbonization is feasible, it will require additional investments in low-carbon technologies. Further significant cost reductions across the range of renewables and enabling technologies will be major drivers for increased investment, but cumulative additional investment would still need to amount to USD 29 trillion over the period to 2050. This is in

addition to the investment of USD 116 trillion already envisaged in the Reference Case.

RE contributions in the NDCs and estimated investment needs

In the lead up to the 2015 Paris Climate Change Conference, a total of 187 Parties submitted their interim NDCs, and as of April 2017, 132 of them have ratified the Paris Agreement and submitted their first formalized NDCs. These are national climate action plans which outline each Party’s commitment to addressing climate change.

To implement their NDCs countries will need to attract significant level of financing from various sources.

In its XYZ report, IRENA estimates that implementing renewable energy contributions included in the NDCs of countries in Africa, Latin America and the SIDS, will bring online additional 182 GW of renewable energy capacity by 2030. This will require an estimated investment of more than USD 380 billion, more than 60% of which will be unconditional to international support.

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Scaling up renewable energy calls for mobilising a massive investment increase. Renewables bring far reaching benefits in terms of human health, energy access, environmental protection and the response to climate change, along with the potential to create new jobs around the world.